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please solve this tax problem (12 points) State how much taxable income must be recognized in the current year for the following: a. Barney goes

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(12 points) State how much taxable income must be recognized in the current year for the following: a. Barney goes on The Price is Right and wins a pair of watches valued at $1,850. Blauman was awarded a scholarship to the University of Arkansas for $2,500. The scholarship is used for tuition and fees. c. Victoria wins a scholarship of $18,000 to attend the Cornell School of Hotel Management for a graduate degree. As a result, she must work as a pastry chef for the hotel caf 15 hours per week. d. _James received child support of $12,000 from Tom. e. Mickey receives a $1,000 bonus from his employer from selling the most games during the quarter, and he also receives a watch worth $250 for his 20 years of service. f. Joy's husband passed away this year. After his death Joy received $250,000 of proceeds from life insurance on her husband. (8 points) Under the material participation tests in $469, which of the following would be considered to have materially participated in the activity? Mark "YES" if the person in the scenario would be a material participant and mark NO if they would not be a material participant. a. Spencer and his son are partners in an appliance business that Spencer started 30 years ago. Spencer devoted his life to the business. However, Spencer has retired due to health concerns, leaving his son in charge of the day to day operations this year. b. Vick operates a snow removal service by himself (he is the sole participant) and spends only 50 hours in this activity because of light snow this year. Maddy spends 110 hours overseeing the family car wash business (her brother spends 140 hours). d. Woody (who owns a S-Corporation that suffered losses) devoted 550 hours to the activity

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